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with the country. plus his plans to fix the gop. >>> plus president obama's tax push. he wants the rich to pay up but is it fair? >>> and one of the most influential spiritual leaders in the world, america's pastor, rick warren. he was there at barack obama's first inauguration. will he be there again? we're talking politics, same sex marriage and the "two and a half men" star whose christian conversion has him attacking his own show. this is "piers morgan tonight." >>> good evening. our big story tonight, countdown to financial doomsday, the fiscal cliff and the clock is ticking. 35 days left before this massive sweeping tax hike. america's now at the mercy of washington, hoping that both sides can end the fighting and make a deal. anti-tax champion grover norquist last night told me he's keeping republicans to the no tax increase pledge they made decades ago. but should his party back away from that promise? joining me in his first interview since the election, reince priebus, chairman of the republican national committee. welcome back, mr. priebus. how are you? >> doing great, piers. how are y
guru dave ramsey on you and your taxes. >> you can't have one percent of the people who own and control more wealth than the other 90% of the people. >> this is piers morgan tonight. >> good evening. our big story tonight is $550 million worth big. >> none of that is tarnished the enthusiasm of those who bought tickets today. dave ramsey is the host of the dave ramsey show. welcome, dave. >> thanks. good to be with you again. >> on the face of it, a good bit of fun. one, big, winner, what is wrong with that? >> the problem is several things. rich people don't play the lottery. look who is standing in line snp it is darryl and his other brother darryl. >> there is a point to that. and i know that all statistics say they tend to be ill educated and poorer and those statistics are there, but at the same time aren't they the very people that need a bit of hope. because it is false hope. that is the problem. they take the same amount of money and invest it. and so we are teaching people that a game of chance with low probability of winning is actually the way of winning your destiny today. i
. ♪ >> the speaker's proposal right now is still out of balance. >> their proposal would raise taxes on millions of middle class families. >> when you look at the math, it doesn't work. >> we can generate revenues not from raising rates but from reducing the exemption it's, the deductio deductions, and the loopholes out there. >> it would take me too long to go through all the math. >> we're going to have to have higher rates. it's not me being stubborn or partisan. it's just a matter of math. >> this is a continuation of hirs campaign. he thinks he won it. >> president obama has been re-elected. >> to get a deal done, you're going to have to have higher tax rates on the top 2%. >> the one thing the republicans have going for them is they're leaning on erskine bowles. >> i heard what you were saying. you know nothing of my work. you mean my whole fallacy is wrong. >> i'm happy to be flexible. i recognize i'm not going to get 100%. ♪ >> it certainly 'tis the season and whether you're counting the days to the fiscal cliff, the debt ceiling, christmas day, or judgment day, there's much to do and
squarely at john boehner. $800 billion tax hike will destroy jobs, allow washington to spend more. as you all know, john boehner put an $800 billion tax hike as a center of his proposal. so john boehner got rejected from the white house, which wants another $800 billion on top of that in tax hikes and then rejected by the right wing of his own party which wants absolutely no tax hikes at all. so unlike harry reid, i actually feel genuine sympathy for john boehner. so kudos, speaker, for showing deserters or desenters who is boss. boehner stripped house members who opposed key committee assignments today. and earlier i spoke with one republican leader in the house who himself has been out of step with boehner in recent days. deputy whip congressman tom cole of oklahoma. he said the gop should agree to obama's proposal to extend bush tax rates for households that make less than $250,000. and they should do that deal right now, deal with the rest later. boehner said no way. and then tom cole said boehner should not offer a counterproposal to the fiscal cliff deal the president presented. boe
cable news channels. we are interested in facts. they do exist. tonight, the facts about taxes that the majority of americans established on election day. the nation's leading conservative paper is onboard. they now agree with the president who wants to let taxes go up on income on more than $250,000 a year. doing a deal to raise those rates. where all bush cuts on all tax brackets expire at the end of the year. that is something that gives president obama a lot of clout right now. you can agree or disagree with the president obama policy that is for you to decide. congressman happens to disagree strongly but recognizes that the political reality that all tax cuts will expire on january 1st. >> in my view, we all agree that we are not going to raise taxes on people that make less than $250,000. we should take them out of this discussion right now and continue to try to work for a bigger deal. >> congressman cole cubelal colr a lone voice for the conservatives. i'm quoting now, the fact is that republicans face a new political reality on taxes. president obama's position means t
security is, any of the retirement or tax issues, but i'll tell you this. i think that all these stories aren't necessarily going lead us to the truth. i personally have a very size way i'm approaching this. the president is supposed to leave for a 21-day vacation in hawaii on december 17th. where he is on december 18th will tell me, and i think the markets will pay attention. i find it hard to believe, and i agree with bill and many, who are very not amused by the house taking their long weekend. i'm sure that the president would have no intentions of leaving until these issues are resolved. i think the market is being kind, but i think it's a timing issue. >> yeah, i think that's a good point. somebody mentioned the other day that the president is planning a trip to hawaii on december 17th. i said, what? they said, no, no, no, not unless the deal is done. we'll see about that. meanwhile, the house goes away for a lock weekend. all right, rob. what do you think? you think we're going to get a deal done by the year end? >> i think there will probably be a deal done. i think you have to l
for middle class tax cuts only. he has a $30 billion temporary targ target. that is not rising above the fray. rural towns are seeing a drop indiana coi indiana coi in, income. it is a free market revolution. first up tonight. the count down continues. >> entitlements are off the table. i don't see how john by nor aoe going to take them out. you guys lost the election. president obama said he was going to raise taxes on the richest 2%. why is this a surprise? that is what happens at the end of the year. it is a little slow. we'll get over that. come january first, they will pass the tax cut for 98% of the people. >> i didn't think this was a mandate. i agree your man won. but jim, the basic deal was, okay, john boehner acknowledging what this was. putting this on the table and he said this a million times in return for some. modest reform. while the biggest stuff waits for next year. if the democrats say it is off the table and if harry reid is trading bars with mitch mcconnel, what is up here. senator durban said, it shouldn't be ps deal. i don't think there is a bar gain to be had. it is a
than me. >> obsession to raise taxes is not going to solve the problem. >> the right seems to be imploding. >> i'm proud of the campaign mitt romney and i ran. >> he looked less like monty hall and more like monty burns because he wants to inflict pain on the republican. >> the implosion is going to happen very, very slowly, day, by day, by day. >> i'm proud of our party. and i'm proud of mitt romney. >> it seems right here. >> we've seen some movement over the last several days amongst some republicans. >> we can probably solve this in about a week. it's not that tough. >> the next 72 hours are critical. >> today's wednesday and the house is going to leave today. ♪ surrender surrender but don't give yourself away away ♪ >> in case you needed reminding, it's 21 days to christmas, but just 27 days to the fiscal cliff. the president is john boehner are facing off for what couldçe a down to the wire nail-biter of a fiscal fight. indeed, the stakes are so high, the pressure so intense, that the house is calling it quits for the week. giving themselves another much deserve
agreement that raise tax on the middle class in order to protect more unnecessary giveaways, the top 2% s. doomed from the start. it won't pass. democrats won't agree to it. president obama wouldn't sign such a bill and the american people won't support it. >> you don't get people together until they finally sit down at the table and negotiate. it's still too much posturing, still too much the president wants his way, somebody else wants it that way. >> the gop's opening bid includes $2.2 trillion in tax reform, entitlement reform. but here's the problem, it includes no tax hike for the top 2% that republicans must have and something that the president repeated on the campaign trail. >> the obstacle here continues to be republicans who hold out hope that we can somehow go through this process and still deliver tax cuts to millionaire and billionaires. and that's just not going to happen. >> with just 28 days to go, who will make the next move in this fiscal faceoff? >> john boehner's counteroffer was pathetic. even the tea party members are saying that it was pathetic. this republican par
the way i lowered my voice there? today the president took his tax pitch to a factory in the philly suburbs and he made clear the rich must pay their fair share. the taxes will go up for the top 2%. obama's job number one, a tax cut for the 98%. the rest of the people. let's listen to him. >> it's not acceptable to me and i don't think it's acceptable to you for just a handful of republicans in congress to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. all right? that doesn't make sense. the senate has already passed a bill to keep income taxes from going up on middle class families. that's already passed the senate. your members of congress, like allyson and chaka, other democrats in the house, they're ready to go, they're ready to vote on that same thing. if we can just get a few house republicans on board, we can pass the bill in the house, it will land on my desk, and i am ready, i have got a bunch of pens ready to sign this bill. >> 30 minutes after the president was finished, house speaker john boehner held a press c
're going to delve into any type of serious reform on the tax or entitlement side or even a framework by christmas. oh, yeah. i guess i'm the tooth fairy. >> bill, so what do you do here with no fiscal cliff deal yet, with whispers of possibly the fed stimulating the economy even further, and with economic data pouring in almost daily that suggests we're still sputtering along? >> well, i tend to think 2013s going to be a great year. i'm not just looking at housing and employment. i'm looking at the architectural building index. there's stuff in the draw room. they're ready to bid out this winter and break ground in the spring. the republicans know that. the democrats know that. i would agree with rick. right now it's hard to imagine they can come up with something. we know they can. we know the democrats can say, okay, we'll give you something on means testing entitlements and we'll move the social security age up. republicans will say, we'll get rid of second mortgage deductions. they can do it. i don't think they really want to do it yet. so we just sit here sort of up 100, down 10
, have ridden the train of dividend paying stocks. if we go over the cliff and dividend taxes -- >> not so much. well over 60% of mutual funds are held in qualified plans. >> that doesn't matter. >> it does matter. >> 40% of the investors are going to be subject to 43.4% dividend taxes. those shares go down in price, and it affecting people who have pension plans. >> maybe, but a lot of people like insiders and other types of long-term institutions are not going to sell their stock based on a 15% dividend tax rate. >> you don't think they're going to sell if dividend taxes go to 44%? >> i don't. i'm in the minority here. the stock market has done better when the dividend tax rate was considerably higher than it's been for the last ten years. >> but 44%, christian? >> well, it is certainly a lot. a lot of it is tax shelter. it's not going to hit everybody and have quite the impact everyone expects. >> ron and rick, we haven't forgotten about you guys. how do you play this while we go through this volatile period before the end of the year? >> i think the market's finished disco
republicans to give on the top rate. he said that first of all, we can't do a fundamental tax reform in the next two weeks. we simply have to have a down payment before the end of the year and then commit to tax and entitlement reform during the year of 2013. he also specified, and i think this is significant, that he thought 300 to $400 billion over ten years is about what you could raise by closing loopholes and trimming deductions. this is a -- this is a way to come to grips with how to get to the revenue target the president wants. let's first of all listen to -- we have got a piece of sound from that interview. let's listen to the president. >> when you look at how much revenue you can actually raise by closing loopholes and deductions, it's probably in the range of $3 to $400 billion. that's not enough tobalanced pl actually reduces the deficit and putts on a path to long-term stability. what i need, what the country needs what the business community needs in order to get to where we need to be is an acknowledgement that folks like me can afford to pay a little bit higher rate
with the fiscal cliff and there's hot rhetoric to go around. >> our members believe strongly that raising tax rates will hurt the economy. closing loopholes, especially on those who are wealthy, is a better way to raise this revenue. >> in order for us to raise the amount of revenue that's needed just by closing deductions and loopholes for high earners we'd have to, for example, eliminate or severely cap the char itible deduction. >> an obsession to raise taxes not going to solve the problem. what will solve the problem is doing something about the entitlements, taking on the wasteful spending in washington. >> and meantime, "the new york times" jonathan wiseman reports behind the scene republican leaders are considering the president's plan to extend middle class tax cuts now an address the debt and spending in the new year. here's republican senator tom coburn on "morning joe." >> actually, i would rather see the rates go up than the other way and greater chance to broaden the base in the future. >> do something, a down payment on cuts, on investments and revenue this year. and then in the
to deal with higher taxes and a slower economy? a lot of people expecting recession in 2013, if, in fact, this occurs. >> think about what works well in a slow-growth economy. consumer products companies do well. high dividend payers. you'll see 100 companies that have already declared dividends this month. those are the strongest companies in the market. those are the ones that can afford to buy back shares or invest in high r.o.e. projects next year. i wouldn't avoid them just thinking dividend taxes are going up. they're the strongest in the market. you also have energy infrastructure, which is paying about 6%. most of it is a return of principle. these are companies with some of the lowest cost of capital ever. high return projects, long-term contracts. the government is in support of energy independence in this country, so we don't think the taxes change for mlps and energy infrastructure investments. finally, if you like high-yield corporate bonds, we love high-yield municipal bonds where we're getting 6% federally tax free. corporate high yield has rallied too much. we've sold it.
me smile until the numbers come out. and then you will get taxed to kingdom come. it will not even help the deficit. warren buffett can help them out. lori rothman and melissa francis with more coming up. dagen: the market is up, that is good. good afternoon read >> pushing for middle-class tax cuts without any spending concessio concessions, president obama to meet with business leaders on the fiscal cliff after speaking just last hour. we'll ask lou dobbs that he thinks ceos will help to make deals happen. >> now washington is looking at the one sacred mortgage deduction, maybe get rid of it to help heal the budget crisis. >> charlie gasparino on the future of the firm. time for stocks as we do every 15 minutes, before the new york stock exchange, nicole petallides on the floor. a deal is possible by christmas. >> hoping to get some positive comments from john boehner. he is optimistic. a nice little boost. from negative to positive to the session highs, no 50 points away from dow 13,000 once again. the dow once again up 73 points. you have a lot of winners. the banking index is
to go over the fiscal cliff. there will be some sort of resolution. they'll come up with some tax cuts, some breaks in spending, and probably kick the can down the road on a lot of it. i love the way this market is acting. it's not selling off with all the bad news, all the bickering, all the bad words on each side. you've got to love the way that this market is holding up here. doesn't mean investors need to be carefree, but overall, it looks like the market is setting up with a lot of negative sentiment out there. looks like there's a lot of opportunity for a big run higher once we get some form of resolution. i really believe we're going to get it. >> you think by year end? >> i really do. i think they want to go home for christmas. they're not going to want to not go home for christmas. you can always count on politicians to do the right thing when all other options have been exploited. they're going to finally get there because they have to. they're not going to solve 100% of it right away. >> jump in, abbigail. >> i think it's too early to be bearish or bullish, for that matter.
away from the so called fiscal cliff. a drastic combination of mandatory spending cuts and tax hikes that could plunge the united states back into a recession. while there are plenty of hard w0rds from both sides, some terms of a possible zeal are making the rounds. kate bolduan has been following the back and fourth. >> don't get too excited about that, there's only one way to avoid the fiscal cliff. spending cuts and tax hikes. house republicans and president obama need to strike a deal on reducing the national debt. they have soundly rejected a white house offer that included $1.6 trillion in revenue, $400 billion in medicare and other entitlement savings, as well as a permanent increase in the debt limit among other things. so far, the rhetoric has not softened. treasury secretary tim geithner arriving on capitol hill for high level talks, most notably with house speaker john boehner. >> good morning, everyone. >> how did it go? just listen. >> despite the claims that the president supports a balanced approach, the democrats have yet to get serious. about real spending cuts. >> a
this morning surrounded by, quote, middle class americans who will see their taxes go up if no deal is done. he'll sit down with more than a dozen ceos hater today including several who were prominent supporters of mitt romney. the white house even has a new hash tag called #pound#my2k. i asked jay carney whether this is just a game of running out the clock until the real negotiations begin in late december. is everything just killing time until the deadline comes? >> no. >> it seems everybody -- >> it doesn't feel like killing time. >> killing time until the final week and the jet fumes of the airport and then everybody will sit down and hammer this out. >> well, look, here's a fact, the president has on the table a proposal that reduces the deficit by $4 trillion. that is substance. so he has not waited for people to start smelling the jet fumes at national airport. he has actively put forward a plan. >> the white house and republicans are ramping up their pr, something significant is happening behind the scenes. both sides appear to be preparing their own basis to eat their vegetables, if yo
in savings. it includes $800 billion in savings from tax reform from closing special interest loopholes and deductions. $600 billion in so-called health savings, which includes changes to medicare. 300 billion other mandatory savings. 300 billion in discretionary savings. this white house shot it down saying this until republicans in congress are willing to get serious about asking the wealthiest to pay higher tax rates, we won't achieve a balance. tonight, tom coburn of oklahoma, a man who's been called one of the keys to reaching a real deal. >> glad to be with you. >> let's begin with this letter that's addressed to the president and comes to majority leader boehner. in this letter, he sort of lays out part of his plan. what do you think of his plan as we've laid out so far? >> i think the first thing that i heard you say is the white house is already reacted negativively to it, which is really concerning to me. look, what he offered was what erskine bowles offered as a compromise to the democrats and republicans. i'm certain if this is not good enough for the white house, we will go
of talk here in washington about the deadlines we're facing on taxes and deficits. these deadlines will be coming up very soon, but today is important, because i want to make sure everybody understands, this debate is not just about numbers. it's a set of major decisions that are going to affect millions of families all across this country in very significant ways. and their voices, the voices of the american people, have to be part of this debate. so i asked some friends of mine here to join me, some folks from here in the area. our ultimate goal is an agreement that gets our long-term deficit under control in a way that is fair and balanced. that kind of agreement would be good for our businesses, good for our economy, it would be good for our children's future. i believe that both parties can agree on a framework that does that in the coming weeks. in fact, my hope is to get this done before christmas. but the place where we already have, in theory at least, complete agreement right now, is on middle-class taxes. as i've said before, we have two choices. if congress does nothing
at this point. >> but when you look at those, they all have some come by neigh of spending cuts and tax increases. the idea is that over a period of time, you basically put the country in a better path, the government in a better path to spending and taxation. what you don't want is the fiscal cliff because that was designed to be something that nobody liked. and the reason is, yes, you've reduced the deficit from about 7% of gdp down to about 4% of gdp, so you move in the right direction really dramatically, but you do it in a way that nobody was happy with exactly where those cuts come from and exactly how the taxes increase. >> with what you're seeing, and we never know, it's almost like a mating dance where you've got the male and a feel of some species -- >> it's an ugly one. >> looks like they're never going to do it. they get closer and closer. >> but there is a lot of -- they back off and they might even look like they're fighting. but do they eventually, you know, do it? >> well, i think certainly everybody hopes so. because it would be better than if they don't. >> that didn't
in the fiscal cliff debate. tax rates spike and spending slashed. congress is breaking for the holidays in two weeks. it could send the economy spinning in directions. $1.6 trillion in tax hikes. he will travel to pennsylvania to sell it to you. republicans aren't buying it. listen to house speaker, john boehner. >> despite the claims the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> democrats are firing right back at boehner. harry reid getting a little personal. >> i don't understand his brain, so you should ask him. okay? >> ouch. athena jones live from washington. same old same old. where do we go from here? >> that's the big question. the nice talk after the election is pretty much gone away. you mentioned one of the big sticking points, that's taxes. republicans and democrats can't agree on how to raise the tax revenue? end the bush tax cuts for the wealthy, close the loopholes, raise the capital gains taxes or all of the above. right now, they can't agree on how much money should be raised on the revenue side. let's listen to
. the headline is that he put out a number of $1.6 trillion in new taxes. that was at according to republican officials, a surprise. they expected a much smaller number and that has some republicans crying foul. he proposes extending unemployment insurance. continuing the dock fix. that's approving additional spending on medicare to pay doctors. the amt patch protecting middle income americans. $50 billion in stimulus next year and in return, the administration would offer $400 billion in additional medicare and other entitlement savings next year to be spelled out as they negotiate. there would also be an agreed mechanism for allowing a vote on a debt ceiling increase for perpetui perpetuity. republicans not pleased with this. already publicly crying foul. the white house says the president has already signed into law one trillion dollars in tax cut last year. they're willing to compromise more, but rig now, both sides seem more dug in than before. >> a day that was pretty grim on that front. thanks very much and that 1.6 trillion, everyone, surprising republicans and a crucial number especi
that the sky is blue on the one issue when keeping tax cuts where they are for the middle class. >> right. >> why can't we get that one step accomplished and maybe move on to step two which is a bigger and bolder plan? >> that's what congressional democrats and president obama would like to see happen, and we have a discharge petition, which would bring the bill that has been sent from the senate and pass the senate overwhelmingly sent to the house, take that bill up and give, extend the tax breaks to the middle class and give certainty to the middle class as we move to, continue to move into the holiday season. all of the tax rates expire december 31st and we can deal with the tax breaks for the wealthiest most fortunate americans and others to avoid the fiscal cliff between now and december 31st but take what we agree on which is that the middle class tax cuts should be extended and tax rates should not go up for the middle class, let's do that now. the republicans refuse to do that thus far, which is sort of baffling. even some of their senior members like tom cole from oklahoma have s
is the taxes surrounding munis. that was started in '07. all-time new highs today. even if you look at the lipper or barclay indices, it reflects the same thing. in a way, it's sad. in a way, it isn't. it underscores all of these tax implications that are moving trades are counterproductive to the democratic theme because they are circumventing the positives that are supposed to be through tax structure. i guess it really argues for reform. if all the money you're supposed to get from these companies is getting pulled into today's tax rates. >> what about that market? there are those who say get into the high yield, go to the munis since taxes are going to go higher. are they expensive now? has that become a crowded trade? is it too late to get into them? >> you know, the way we're looking at it right now is obviously capital is going to chase yield. when you can't get any yield in the form of treasuries, cds, you know, there's not a ton of yield in munis right now p. investment grade bonds don't look as attractive. >> so you're not going to buy them. where are you going to go to fi
compromise, you lose the core constituency that elected him. >> let's at least get the tax cuts extended for the middle class and deal with the other part later. some people may be happy to kick the can here, at least in the near term. >> i think the president is -- do you think the republicans can deliver on the republicans? i think lloyd blankfein. coming back to that quote to dave cody, terrific guy, he said listen, i find myself in the radical middle. compromise is radical right now. the stock market is saying a deal gets done by jan 1. >> yes, it is. that's what yesterday was all ball -- will lawmakers arrive at a deal to deal with the fiscal cliff? rand paul is defending the northwest pledge not to raise taxes. but the rim rally months on, this time black berberry is on rise. nobody said an inkjet had to be slow. or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. introducing the business smart inkjet all-in-one series from brother. easy to use. it's the ultimate combina
gains tax or dividend tax as opposed to much higher because we know that taxes will probably go higher in 2013. oracle is accelerating payments of 2013 dif dens. they're going to pay second quarter, third quarter and fourth quarter dividends this month. gordon, what has that done to trading and investing environment? all these special dividends. oracle is doing it now, second quarter, third quarter dividends this month so investors can get taxed at the 2012 dividend rate. >> it's bigger than that because it's not only the corporation themselves but corporate executives. cashing out options looking for preferential tax treatment there as well. that's just prudent corporate management. you can't fault them. stocks paying special dividends have been outperforming the spx in the time period since this started happening. in some ways in the convoluted way it's been a positive for the market. >> oracle is down, though o this news. >> oracle is down right now. gordon, you make a really good point. that's where the performance has been, the conditions paying these special dividends. when i see
that any agreement must include some higher income tax rates on top earners. the republican plan would raise tax revenue by not extending the current obama cut in payroll taxes. but the republican plan still refuses to raise the top income tax rates. yesterday, treasury secretary tim geithner made it clear that there can be no deal without higher top tax rates. >> last question, can you promise that we will not go over the cliff? >> no, i can't promise that. that's a decision that lies in the hands of the republicans that are now opposing increases in tax rates. if they recognize the reality that we can't afford to extend those tax rates, then we have a basis for the agreement and that's going to be the responsible thing to do and my judgment is they are going to do it. >> joining me now, ezra klein, huffington post, ryan grim. ezra, what do you make of the boehner proposal that was kind of cribbed from erskine bowles? >> two things. one, republicans are terrified about by the polls showing that they are going to immediately get blamed if they are not willing to compromise. the reason
putting his foot down. he says no tax hikes for the wealthy, no deal. america hits that fiscal cliff in 27 days and that means tax hikes and deep spending cuts if the democrats and the republicans can't come together in some kind of a deal and with just ten days remaining until congress is scheduled to go home for the holidays, the clock ticking. here's what he told bloomberg news. listen. >> we're going to have to see the rates on the top 2% go up and we're not going to be able it to get a deal without it. >> we start this morning with white house correspondent dan lothian, he's in washington, d.c. okay. so who's got the ball in their court at this point then, dan? >> well, you know, i think the house gop, they have presented their counteroffer which white house spokesman jay carney is referring to as, quote, magic beans and fairy dust. we expect that house republicans will keep putting pressure on the white house to engage, push for more details on what the white house will accept when it comes to additional entitlement cuts. but i think what's unclear is what kind of negotiating is goin
offer would overhaul the tax code and raise $800 billion in new revenue, it would also seek $600 billion in health savings and $200 billion for revising the cost of living increases for social security. the net savings would add up to $2.2 trillion over ten years. now, again, this is the republican counterproposal to the plan that the white house has already put out. speaker john boehner has said that this is something that is much closer to the bowles-simpson proposal. erskine bowles saying the gop offer does not represent the plan, he says both sides are kind of far away from it at this point and that it's now up to negotiators to figure out where the middle ground is today. >> bowles said that the mid point that i used back in -- this is where we were last year. so used the mid point of the negotiations, but it's in longer the mid point i guess. >> he also said -- he is a testimony, but he has separated himself from the administration by saying that they thoo should have taken more of their proposals more seriously. he also said last night that you will see higher marginal tax rates.
or the one in fr the la from the last two years? telling everyone again up to 250 you get the tax break? all the same stuff.the last two? telling everyone again up to 250 you get the tax break? all the same stuff.last two yea? telling everyone again up to 250 you get the tax break? all the same stuff. same tone, same people. >> did you see this, obama is flexible on highest tax rates. >> administration official. white house officials later signaled that. he didn't signal it in anything he said. >> i spoke to a couple who were at the meeting yesterday, some of the executives, who felt, and this is like the implied feeling that he was now more willing to deal on the highest rate. >> did you hear anything about spending cuts or entitlement reform? >> two conversations are taking place. one if the public trying to get them behind you. the other is whether you're actually saying to the people you're negotiating with. and when you saw the signal, it was like, okay, maybe they'll get to that, i don't know, 37% or 500,000 or something. what we had been talking about two weeks ago. maybe that's where
for congress and the white house to act, to stop the tax increase and punishing spending cuts, that deadline is coming up quicker than you may realize because did you know, congress plans to end its current session on december 21st? check your calendar as we did today. that's two weeks from friday. that means that under congressional rules any agreement, any legislation to fix this whole mess would have to be filed here by december 28th. here's the kicker. the president currently plans to leave town the day before that, on the 17th of this month. so the yearly obama trip to hawaii is set to start a week from next monday. you feel me here? see where i'm going? the window closing faster than folks think. what are our decisionmakers doing right now? among other things they are apparently sending signals through the media. republicans saying time to get moving. the president saying there is a deal to be had fairly quickly if the republicans come around to raising taxes on the wealthy. let me give you the president first. >> -- good faith offer to avert the fiscal crisis, and that offer included
minister of italy, he comes out with a package two thirds tax hikes, one third tax cuts. and i remember saying do you think this will work, they're raising the v.a.t. tax and i understand italian household debt isn't that high, but they were trying to tax their way out of a massive debt problem and in fact receipts went down, consumption fell to 4.25 annualized rate and the situation got much worse. today italy has zero nominal gdp grets. and they're funding at 4.5%. that is a bad business model. spain same story. so when you bnk our package and what's been offered so are far which appears like $1.6 trillion in tax hikes against $400 billion of entitlement cuts over time, that's an even worse mix than the two-thirds/one-third european structure that really has gotten a negative reaction. >> how much is because of the mix and how much of it just this is what austerity looks like? >> is the money in capping deductions or raising marginal tax rates? it's in capping deductions. but that's tough because you have to tell someone no like the housing lobby or charitable contributions. >> cappin
fight continuing. he split with his party on taxes. what is republican tomb cole saying now? first as john boehner look lights the capitol christmas tree is he channeling tiny tim or scrooge. >> god bless us and everyone and from my family to yours, merry christmas. en i was in an accide. i was worried the health care system spoke a language all its own with unitedhealthcare, i got help that fit my life. information on my phone. connection to doctors who get where i'm from. and tools to estimate what my care may cost. so i never missed a beat. we're more than 78,000 people looking out for more than 70 million americans. that's health in numbers. unitedhealthcare. ♪ ♪ [ male announcer ] everyone deserves the gift of all day pain relief. this season, discover aleve. all day pain relief with just two pills. >>> revenues we're putting on the table will come from, guess who? the rich. there are ways to limit deductions, close loopholes, and have the same people pay more of their money to the federal government without raising tax rates which we believe will harm our economy. >> let'
, that what moved up nicely is going to be the piggy bank that gets cracked first before the tax man comes based on the unknowns of the fiscal cliff. >> would you buy gold here, michael? >> no, no. i'm going wait for it to wash out a little more. then i'm going add to my positions. i have a -- >> you don't weigh gold outright. >> you have to own some gold. qe-4 is coming. no doubt about it. they're already doing $40 billion per month. it's going to be $85 billion of unsterilized counterfeiting per month starting january 1. how do you abandon gold in that premise? >> that's exactly right. we're playing it a little bit differently. we like some of the gold-related companies. >> the miners have gotten beaten up. they got beat up much worse than the actual metals. >> there's cost and exploration you have to factor in. >> are those your best ideas? >> no, actually. i think you can still -- i'm half if cash. i think you can look for areas to enter in o short position on lockheed martin. >> defense stocks because of the fiscal cliff. >> yes, but once that gets solved, i think you have a huge rall
yesterday. $1.6 trillion in tax cuts. $400 billion in cuts to medicare and other entitlement programs. $50 billion additional in stimulus spending. no real structural reform to entitlement programs. no spending cuts. instead, stimulus spending. obviously, the president knew that this would be an unacceptable first offer. so what is the end game here? where is the president's bottom line? >> listen, this is a negotiation. it isn't about the president's bottom line or my bottom line or yours. it's a negotiation. and the sad part is, that the administration, the president, has laid down an offer. there's several things in there we know the republicans like, and yet they refuse to lay down an offer. all they do is come out, and mitch mcconnell laughs, and boehner says it's terrible. there's a fiscal cliff, and this offer isn't good. show me the money, folks. you have the power. you're bragging about the fact that you kept the house. good. show us your offer. put down your offer. now, here's my view on this. and it is the same as the president's in this respect. rough the biggest aspects of the
republicans are still in disagreement over how to reduce the deficit and avoid a raft of tax hikes and spending cuts. yesterday our own jim cramer and maria bartiromo were on "meet the press" and cramer had a message for fellow panelists and father of the anti-tax pledge, grover norquist. >> most ceos are republican. they're on board. they're not on board with you. they're not on board with you because they fear your view. they think you do not favor going -- you favor going over the cliff. that's what they think. they think that you favor -- >> just for the record since we're on tv. that's silly if they think that they shouldn't be ceos. >> it doesn't really matter. that's what they think. >> i want you to walk me up to that moment. >> behind the record. i like that too. >> i'm stuck. like grover is stuck with this pledge he made everybody take which is that they have to go over the cliff because they obviously will not ever say the word tax. they will only say revenue. i'm stuck speaking to many more ceos than grover norquist is. he thinks it's silly. he thinks ceos are silly. i
the pressure on republicans to freeze taxes for the middle class while allowing the tax rates on the wealthy to go up. >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1st. that's sort of like the lump of coal you get for christmas. that's a scrooge christmas. >> hm. in other words, the day after the white house puts its opening bid on the table, the president comes out swinging. that opening bid didn't have a whole lot of concessions in it to the republicans, and the republicans reacted as many would have predicted. they were mad. basically saying that offer was an insult. today, house speaker john boehner doubled down. >> it was not a serious proposal. and so right now, we're almost nowhere. >> that doesn't sound good. republican congressman lee terry of nebraska was just as succinct but how shall i say this? more colorful. he told the omaha world herald we're screwed either way. we really have no leverage in these discussions. representative terry has said he is open to a deal that includes some new tax revenues. he's also sai
at the white house surrounded by middle class americans who he says would see their taxes go up if congress can't make a deal. later he's hosting big business leaders to talk about ways to cut the deficit. joining me to talk about this, "washington post" political columnist day ma milbank and terence page. >> good morning. >> clarence, big development with tom cole breaking from his party and saying they should support an immediate extension of bush-era tax cuts for households earning less than $250,000. and then deal with the higher income tax breaks later. this is the key argument the president has been making. he says this has to get done. it is a sign the democrats' arguments are working? is tom cole an outlier among republicans? what's going on? >> it's a sign of the diversity in the republican party and that's something that president obama's team is trying to work on. they're trying to develop divisions and to break the logjam, the big showdown that's going on between speaker boehner and congress on one side and president obama and his team on the other. so it's a sign, but we've still g
that the public really wants those higher rates for the higher earners in terms of taxes. senator reid and other democrats don't want to talk about specific cuts or entitlement reforms publicly. everyone saying they don't want to negotiate from the podium. but everyone is aware it's the end of november. there isn't a lot of time left. and how quickly and how peacefully can they come to a resolution is a real question. it's a long process and today is one of those data points where i think you get a sense that people are a bit frustrated. >> he tried to bush boehner on the details. he pushes back about not wanting to get boxed in. it's a confusing they take to the microphone to talk about it then don't want to talk about it at the same time. >>> politico is reporting that a framework for fiscal negotiations has already emerged. here is what they say to expect. about $1.2 trillion in tax increases on the wealthy. at least $400 billion in entitlement cuts mainly from medicare, not to mention spending cuts. that figure, at least $1.2 trillion, according to politico. let's bring in news nation politi
. the white house promptly rebuffs the gop counterproposal which calls for $800 billion in new tax revenue but without tax rate increases for the wealthy. could this tax issue deadlock the talks? >>> bank of america ceo warns the cliff must get stalled or the economy could be stifled well into 2014. >>> even more dividends pushed into 2012. coach, american eagle moving up and oracle will play out three-quarters of dividends this year. >>> more strength in housing this morning. toll brothers earnings top expectations. we'll begin with the fiscal cliff. governors are set to meet today with the president and congressional leaders. governors are concerned about the impact of deficit reduction measures on their state budgebu. the latest gop offer would overhaul the tax code, raise $800 billion in new revenue but seek $600 billion in health savings, net savings add up to about $2.2 trillion over ten years. boehner called the white house's original offer la la land and it does appear that even though at one point bowles endorsed a blueprint like this, he's trying to distance himself from it right
revert back to the same tax plan that we had when clinton was president. you can't get from here to there unless you raise the upper rates. and that's what the president suggested, it's up to them to come forward with something congressman from oklahoma said that the house should simply take up the bill that the democrats passed in the senate that would raise income taxes only on the top income tax brackets. another senior republican lawmaker who asked not to be identified this time told reuters that the democratic bill could pass in the house of representatives if john boehner would allow such a bill to be brought to the house floor for a vote. here is boehner speaking about the president earlier today. >> members of his own party seem quite comfortable with sending the economy over the fiscal cliff. no substantive progress has been made in the talks between the white house and the house over the last two weeks. >> speaker boehner doesn't want to propose spending cuts, so now he's trying to pressure the white house to do it. >> there's been no serious discussion of spending cuts
plan and what the white house proposed are stark when it comes to taxes. the gop calls for $800 million in new taxes. it's half of what the white house asked for. republicans to $67 billion. the gop plan changes how security benefits would be calculated. why he favors tax rates instead of eliminating deductions. not enough revenue. less revenue equals more cuts in education. republicans ruled that out saying the new revenue would not be achieved through higher tax rates which we continue to oppose. they were referring to an erskine bowles plan that he testified to in the fall of 2011. the white house made it clear that's a nonstarter and they won't even respond until the gop puts forth a plan that includes a tax rate hike. the obstacle continues to be republicans who hold out hope. millionaires and billionaires. while it sounds like the two sides are far apart, the budget numbers are not that far apart. the white house you get close. they say it lacks detail. doon pfeiffer says it does not say which loopholes they would close or savings they would achieve. if the president is rejecting
tax bracket as of yet. there's no mustard on there, is there? i'll see you in a little bit, mr. barnicle. thank you, john. "morning joe" starts right now. >>> i think they won the election. they must have forgotten that republicans continue to hold the majority in the house. but, you know, the president's idea of a negotiation is roll over and do what i ask. we need to find common ground, and we need to find it quickly. >> good morning. it's monday, december the 3rd here in new york city. the christmas tree all lit up. with us on set, msnbc contributor mike barnicle, pulitzer prize-winnering historian jon meacham, author of "thomas jefferson." "fortune's" assistant managing editor leigh gallagher and political analyst, former chairman of the rnc, michael steele. and i'm willie geist. joe and mika have the day off today. there's so much to talk about, but we do have to begin with the ties, if we could. it's not just mike. mike's getting all the focus here this morning, and that is inexcusable. >> could i just say, in the words of speaker john boehner, we need to find common grou
this? more washington gridlock. no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. [ "the odd couple" theme playing ] humans. even when we cross our "t"s and dot our "i"s, we still run into problems -- mainly other humans. at liberty mutual insurance, we understand. that's why our auto policies come with accident forgiveness if you qualify, where your rates won't go up due to your first accident, and new car replacement, where if you total your new car, we give you the money for a new one. call... to talk to an insurance expert about everything else that comes standard with our base auto policy. [ tires squeal ] and if you get into an accident and use one of our certified repair shops, your repairs are guaranteed for life. call... to
president obama's proposal which includes a $1.6 trillion tax increase, a $50 billion economic stimulus package and new power to increase the debt ceiling without congressional approval. the offer featured higher tax rates for households making over $250,000 a year. a one year postponement of the sequester and about $400 billion in savings over ten years for medicare and other entitlement programs. >> despite the claims that the president supports a -- >> thousand is the time fnow is republicans to move past the happy talk about revenues, ill defined, of course, and put specifics on the table. the president has made his proposal. we need a proposal from them. >> today president obama is taking his pitch on the road. he will be visiting the philadelphia suburbs employing campaign style tactics in hopes of mobilizing the public to his side. he'll be speaking at a manufacturing facility arguing that businesses it depend on middle class consumers over the holiday season. despite all this, you see the futures today indicating higher. dow up by about 35. does that surprise you guys? >> no, i
-stakes game of chicken. secretary tim geithner said there's no deal unless republicans agree to raise taxes on the wealthy. >> if they are going to force higher rates on virtually all americans because they are unwilling to let tax rates go up on 2% of americans, then that's the choice we'll have to make. >> republicans are furious. they don't like democrats drawing a red line in the sand. >> i think we are going over the cliff. it is pretty clear to me they made a political calculation. >> president barack obama and gop leaders held one face to face meeting on the fiscal cliff since the election. that meeting took place more than two weeks ago. >>> the kansas city chiefs suited up and took the field today against carolina. that's despite the shock and horror of yesterday's suicide of linebacker jevon belcher. stay right there with full details in a full report on cnn in just a minute. >>> high winds and heavy rain are pummeling the northwest. the rainfall will continue throughout the day. some places have already seen a foot of rain since yesterday. people living in northern california, or
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